Orbit Capital PLC Loan to Swan Group (7128C)
13 10월 2022 - 3:00PM
UK Regulatory
TIDM44EK
RNS Number : 7128C
Orbit Capital PLC
13 October 2022
ORBIT CAPITAL PLC RNS
LOAN TO SWAN GROUP
13 October 2022
In connection with the partnership discussions between Orbit
Group Limited ("Orbit") and Swan Housing Association Limited
("Swan"), Orbit granted a 1-year secured loan facility in January
2022 of GBP25m, which was subsequently increased to GBP40m in March
2022 (the "Loan"). The Loan is fully drawn and is fully secured
with typical asset cover requirements.
Orbit is in discussions with Swan in relation to the repayment
of the Loan, including the proposal that Sanctuary would re-finance
the Loan as part of the potential merger between Swan and
Sanctuary. Orbit will continue to monitor developments in respect
of the merger between Swan and Sanctuary and will reassess its
position in light of any adverse developments.
Orbit reserves all of its rights, powers, claims and remedies
available to it under the Loan Agreement and applicable law. No
delay or forbearance by Orbit to exercise any right or remedy under
the terms of the Loan Agreement or related security document shall
impair any such right or remedy or constitute a waiver thereof or
an acquiescence thereto.
ENDS
For further information please contact: Lisa Astle, Director of
Communications and Brand Lisa.astle@orbit.org.uk 07775 633957
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END
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